Online jewelry retailer Blue Nile is shutting down a fulfillment center in Seattle and laying off 119 workers, according to a new filing with the Washington state Employment Security Department.
Founded 24 years ago in Seattle, Blue Nile was acquired last year for $360 million by Signet Jewelers, which describes itself as the world’s largest retailer of diamond jewelry.
The acquisition was announced just a few months after Blue Nile said it was going public in a $683 million SPAC deal that was ultimately terminated. Signet, which also owns Jared, Kay Jewelers, Zales, and other brands, saw same store sales drop by 9.1% to $7.8 billion in its most recent quarter.
Blue Nile was an e-commerce pioneer co-founded in 1999 by entrepreneur and investor Mark Vadon. It went public in 2004 but was taken private by Bain Capital and Bow Street in a $500 million deal seven years ago. In addition to its online storefront, Blue Nile has more than 25 physical showrooms across the country. The company reported more than $500 million in revenue in 2021.